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Barclays to price 11% reverse convertibles linked to IndyMac
By E. Janene Geiss
Philadelphia, June 20 - Barclays Bank plc plans to price reverse convertible notes due Sept. 28, 2007 linked to the common stock of IndyMac Bancorp, Inc., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 2.75% for an annualized return of 11%. Interest will be payable monthly.
The payout at maturity will be par unless IndyMac stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of IndyMac shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline.
The notes will price on June 26 and settle on June 29.
Barclays Capital will be the agent.
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